Draghi: No conflict between growth, fiscal pacts

WilliamL. Watts

FRANKFURT (MarketWatch) -- European Central Bank President Mario Draghi on Thursday said there was "no contradiction" between euro-zone countries adopting a "growth compact" alongside a "fiscal compact." Asked at his monthly news conference to elaborate on a call for a growth compact, Draghi said European leaders need to push for reforms of the product sector as well as labor markets. "We need to complete the [European] single market [as a] very first step," he said. Labor reforms must address distortions that have left labor markets "unbalanced" against younger workers, leading to rising youth unemployment. Draghi, in response to a question, said perceptions he wasn't calling for any near-term fiscal stimulus were correct.

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